Categories Tech News
A bank exec stole $47 million for a crypto scam, and now he’s going to jail
August 23, 2024
A Kansas man was sentenced to 24 years in prison after pouring $47.1 million into a pig butchering scam — using money from the bank he was in charge of. Shan Hanes, the former CEO of the small Heartland Tri-State Bank, pleaded guilty to embezzlement after routing the funds to scammers’ crypto accounts, causing the bank to collapse.
As reported by NBC News, Hanes fell for a pig butchering scam that had him purchasing crypto “to unlock the supposed returns on his investments,” which he never received.
In recent years, pig butchering scams have become increasingly common, with a recent study showing victims lost over $75 billion to the ruse globally. Google even sued two alleged scammers earlier this year over accusations they uploaded…